BHP Reports Possible Copper Find Near Olympic Dam

   By Rhiannon Hoyle 
 

SYDNEY--BHP Group Ltd. (BHP.AU) said it may have found a potential new iron, copper and gold deposit near its Olympic Dam mine in southern Australia, a boon for the world's largest miner by market value as it looks to expand its copper production.

BHP said the exploration project is at an early stage and that, starting in early 2019, it is planning a further drilling program at the site, about 40 miles southeast of the Olympic Dam uranium, copper and gold mine.

"There is currently insufficient geological information to assess the size, quality and continuity of the mineralized intersections," which came from four holes made as part on an ongoing copper exploration program, said the company.

BHP is seeking to boost its exposure to copper, a metal used in everything from smartphones and electric vehicles to air conditioners.

Its exploration program has focused on the Stuart Shelf in South Australia state as well as Ecuador, Canada, Peru, Chile and the southwest of the U.S.

In recent months, it has also purchased a roughly 11% stake in copper explorer SolGold PLC (SOLG.LN), which runs the Cascabel copper and gold project in Ecuador.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

November 26, 2018 16:54 ET (21:54 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.